For local and foreign stakeholders of Colombia’s energy industry, the recent inauguration of new president Abelardo De La Espriella brings a mixture of optimism and intrigue. While the international community tends to have their ears directed towards neighboring Venezuela and their own re-integration into the global energy market, Colombia also finds itself worthy of equal attention.
After four years of restricted activity, the new presidential administration has appointed Ernesto Forero and Maria Nohemi Arboleda to lead the country’s energy turnaround. In the case of Forero, he has been named the head of the ANH, Colombia’s national hydrocarbons entity, while Arboleda will be leading the ministry of mining & energy. Both leaders are expected to balance the need for energy production with the call for responsible methods; the former appealing to long out-of-work laborers and the latter placating an increasingly green-conscious world.
With regards to Ecopetrol, the de facto national oil company, changes are already underway as well. Former President/CEO Ricardo Roa recently exited from the role after a tenure which can best be described as tumultuous while an interim CEO and the board of directors split executive decision making. In a matter of weeks from the publishing of this article there will be a convening between government and petroleum figures to decide on the new board of directors, a voting session which is expected to better illuminate the new direction of the company.
From a local’s perspective who speaks with service providers, seasoned executives, and investment professionals, the core message remains the same: a continued plea for patience, albeit with a light at the end of the tunnel that has long been out of sight. While in theory, the red tape which impeded smaller outfits has been lifted, Colombia remains in a transition period with no notable contracts yet to be signed. Considering the new administration’s welcoming of foreign investment and the country’s proximity to the open-for-business Venezuela, those who share a vested interest in global energy prosperity are encouraged to keep Colombia in mind
All readers who have an interest in engaging with the Colombian-Venezuelean energy industry in any capacity are encouraged to contact us.
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